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you guys see, being pros and cons of mr. king's proposal? >> both the cftc and the sec have a role in implementing the volcker rule. i think, the commission hasn't taken any position on this proposal. we're actively engaged with, at a staff level with the agencies, other agencies to move forward with the volcker rule-making, taking into account of enormous number of comment letters we got, 18,000, very complex set of issues but i think we're making a lot of progress, and as a staff person our goal is continue moving forward with the implementation process as expeditiously as we can. >> and though i'm not familiar with the proposed legislation, the volcker rule is one of the more challenging, maybe the most challenging of rules i think the regulators were given, to prohibit one activity, proprietary trading, to help the taxpayers not bear some risk. and yet, permit things that are important in markets. market-making, hedging underwriting and the like. so prohibit one thing, permit another, and then where's the border or bondary between the two? so it is one of the most challenging,
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